Dragonchain Raises $13.5 Million in ICO

Dragonchain has raised $13.5 million in its initial coin offering (ICO), which closed on Friday.

Dragonchain raised 30,521 ether and 622.47 bitcoin during the two-stage Dragons (DRGN) token sale. DRGN tokens will provide utility access to platform services, project incubation, and professional services to support startups and entrepreneurs building applications on the platform.

“We created Dragonchain to be an easy-to-use hybrid blockchain platform with all the benefits of immutable proof on the public blockchain,” said Dragonchain chief business officer George Sarhanis. “Our incubator program will nurture the next generation of blockchain applications, and we already have start-ups in the program which will use Dragonchain to verify the provenance of art, secure the last-mile delivery of packages, and implement frictionless payments.”

Dragonchain, originally developed at Disney’s Seattle office in 2015 and 2016 as the Disney Private Blockchain Platform, simplifies the integration of real business applications onto a blockchain and provides features such as easy integration, protection of business data and operations, currency agnosticism, and multi-currency support. The Dragonchain platform was released as open 2 source software under the Apache 2 license in October of 2016.

The Dragonchain Foundation, a non-profit corporation was created in January of this year to maintain ownership and responsibility of the open source code.

The Dragonchain team is now in the process of launching a commercial entity to build a serverless architecture blockchain platform, and an incubator. Dragonchain said the timing of the platform launch is highly strategic to benefit from explosive growth of cloud computing over the last few years and the emerging wave of blockchain solutions entering proof of concept stage across enterprises.